Section 46A-1-42 - Bonds not a state obligation--Payment restricted to revenues. - South Dakota Statutes

46A-1-42. Bonds not a state obligation--Payment restricted to revenues. All bonds issued pursuant to this chapter shall be obligations of the district payable only in accordance with the terms thereof and shall not be obligations general, special or otherwise, of the State of South Dakota. Such bonds shall not constitute a debt, legal or moral, of the State of South Dakota, and shall not be enforceable against the state, nor shall payment thereof be enforceable out of any funds of the district other than the income and revenues pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds.

Source: SL 1972, ch 241, § 41; SDCL Supp, § 46-17A-40.